Will the Solana Foundation be dissolved? What does this mean for SOL?

• The Solana Breakpoint crypto conference hosts the CEO and CEO of the VC company, leading debates about the future of the foundation.
• Solana targets gains of nearly 9%, targets the $160 level.
• SOL is trading at $146.90 early Sunday.

Solana (SOL) is nearing $146 on Sunday as SOL traders digest the executive debate at the Breakpoint crypto conference. The event has been held every year since 2021 and this year, two directors built the case for the dissolution and preservation of the Solana Foundation.

Technical indicators indicate a potential gain in Solana price.

Solana price increase likely, even if the debate exposes the Solana Foundation

At the Solana Breakpoint crypto conference, the executive director of the Solana Foundation, Dan Albert, suggested the dissolution of the entity. The executive built a case for the end of the Foundation and said what the entity can do, the ecosystem can do. If the value of the SOL token increases and the Foundation continues to grow, it could become “an inefficient bureaucratic monstrosity,” according to Albert.

Albert’s position was met with opposition from the CEO of venture capital firm RockawayX, Viktor Fischer. Fischer said a dissolution of the foundation would have a net negative result for the project because the Solana Foundation helps provide strategic direction for the network. The community comes together at hackathons and points Solana toward kinship and growth, according to Fischer.

Dissolving the foundation would mean that no organization would protect the community of SOL holders from censorship, discrimination and subversion.

SOL eyes go for $160

Solana is in an uptrend for several months. SOL began its ascent to its March 2024 peak in October 2023. The altcoin has since corrected to $146.88. Competitor Ethereum could rise to $160, the 50% Fibonacci retracement level of the decline from $210 in March 2024 to the low of $110 in August 2024.

SOL faces resistance in the disequilibrium zone between $149.30 and $155.53.

The Moving Average Convergence Divergence (MACD) indicator shows that there is positive momentum in the SOL price trend.

SOL/USDT Daily Chart

Solana could find support in the area between $134.45 and $141.18 as seen on the daily chart. Looking down this area of ​​imbalance acts as a key support area for Solana.